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Poster: snow_and_rain Date: Oct 11, 2011 10:15am
Forum: GratefulDead Subject: Re: Tipping Point (Non Dead, Tuesday morning musings)

I didn't say anything had changed in Washington. It's only been a few weeks, right? Washington doesn't change very quickly. Hell, maybe nothing will change. But either way, I don't quibble about where the demonstrations are occurring or whether every single person taking part is "on message" or intelligible.

But to the extent that the OWS crowd wants to see greater regulation/oversight of the financial sector, and criminal prosecutions of the people whose illegal acts led to the financial crisis, then I'm all for it. I don't care where they protest. Wall Street is a powerful symbol, so why not?

There are criminals sitting in lavish offices on Wall Street (see Goldman Sachs), and those protestors should be calling for their heads. Yes, Washington has been slow to prosecute, but it's not simply the case that loose regulations allowed this to happen. Part of what happened was actually illegal.

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Poster: elbow1126 Date: Oct 11, 2011 10:23am
Forum: GratefulDead Subject: Re: Tipping Point (Non Dead, Tuesday morning musings)

i know it was immoral but not sure how much was really illegal. I am not defending anyone, i really just don't know the answer. I do know that starting with Reagan, every administration allowed the rules to become more and more lenient resulting in greed being completely unchecked. That greed including many people in the 99% who borrowed well beyond their means and could do so because nothing was in place to stop the banks from lending to them. One of the ironies of Rick Perry's Texas miracle is that Texas was not hit as bad by the housing bubble because Texas actually has much stiffer credit laws than most of the country. Why? Because they got crushed in the '80s when oil prices went south and put in regulations to prevent that from happening again. Greed is not just a "crime" of the 1%.

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Poster: snow_and_rain Date: Oct 11, 2011 11:07am
Forum: GratefulDead Subject: Re: Tipping Point (Non Dead, Tuesday morning musings)

I agree that it's a societal problem -- people were borrowing more than they could afford to pay back. But firms like Goldman Sachs were clearly doing things that were illegal even under our current lenient regulatory structure. Misrepresenting and knowingly selling toxic assets to your clients -- and then turning around a betting against them -- is illegal. Lying to Congress is illegal. GS did both.